NRAS is Further Delayed

 

From the previous post you may recall that the delay is with the Department of Social Services (DSS).

Every year the DSS is required to conducting an audit of the NRAS compliance of every NRAS property in Australia. As you can imagine this is a daunting task and to streamline the process they have installed a new IT system.

During the implementation of this new system they discovered inconsistencies between the NRAS guidelines and the NRAS legislation. As a result of this the DSS has had to recommend a change to the NRAS legislation so that it aligns to the NRAS regulations. Before an accurate calculation of the appropriate NRAS contribution can begin these changes have to be reviewed and approved by the Senate Regulations and Ordinances Committee. Therein lies the delay.

It is also worth stating that we do not anticipate these proposed legislation changes will in any way effect the amount of NRAS you receive.

On the upside, once this matter has been resolved by the DSS, it implies that this year will be an exception rather than the rule. After all, in the previous NRAS years, the NRAS Tax Credit Notice has been consistently released around September.

It is small consolation but I hope this information gives you greater clarity in this matter.

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